Amazon sees 28.2% revenue increase

Amazon's recently released financial results from the first quarter show its profits were the highest ever, according to The New York Times.

For Q1, which ended March 31, Amazon's revenue rose 28.2 percent, increasing to $29.13 billion from $22.72 billion at this time in 2015.

Amazon's net income increased 800 percent from last year to this year. For Q1, Amazon reported net income of $513 million, or $1.07 cents per share. For Q1 last year, Amazon's net income was only $57 million, or 12 cents per share.

The primary proponent of the company's strong Q1 is Amazon Web Services, its cloud computing business, which made up 56 percent of Amazon's total operating income.

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